Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis.

Description

OPTION #1: EXCHANGE RATES

Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis.

Assume the following exchange rates and dates:

December 15……………..$0.04:1 Peso

December 31……………..$0.05:1 Peso

March 15…………………..$0.06:1 Peso

Submission Requirements:

Prepare a PowerPoint slide presentation illustrating the following:

The journal entry by your company on December 15, the adjusting entry on December 31, and the payment entry on March 15.

Note an explanation of the transaction after each journal entry.

Describe the rationale for each entry, utilizing GAAP standards when possible.

Review the grading rubric following this assignment, to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.

Collepals.com Plagiarism Free Papers

Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.

Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS

Why Hire Collepals.com writers to do your paper?

Quality- We are experienced and have access to ample research materials.

We write plagiarism Free Content

Confidential- We never share or sell your personal information to third parties.

Support-Chat with us today! We are always waiting to answer all your questions.